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Bitcoin FAQs

What is bitcoin?

Bitcoin is a digital currency (spelled “bitcoin” lowercase or abbreviated as BTC), and a blockchain technology (spelled “Bitcoin” uppercase, also known as the Bitcoin network). For the purposes of this page, we’ll be talking about bitcoin (BTC) the currency.

Bitcoin, just like standard money, is a medium of exchange. It has value, can be converted to pesos, and can be used to purchase goods and services from merchants.

Here are some general characteristics of bitcoin.

Bitcoin is accessible. Anyone with access to the internet can start buying or using bitcoin immediately. All you need is a bitcoin wallet, which you can when you sign up for a Coins.ph account. Every Coins.ph account comes with a free, ready-to-use bitcoin wallet.

Bitcoin is global. Bitcoin that is bought in the Philippines is the same as Bitcoin bought in the United States, Israel, Iceland, Argentina, or anywhere else in the world.

You can convert pesos into Bitcoin, and Bitcoin into pesos. Bitcoin services like online exchanges, peer-to-peer marketplaces and bitcoin ATMs make it possible to quickly change your pesos into bitcoin, and just as easily change your bitcoin back into pesos.

What is the price of bitcoin?

The current market price for bitcoin changes according to supply and demand.

Once you sign in, you can see the latest bitcoin price in Philippine pesos on the upper left hand corner of the website.

You can also see the price of bitcoin through the Coins.ph app. Open the app and tap on the Bitcoin Price icon to see the latest buy-sell prices in PHP.

Where can I buy bitcoin in the Philippines?

You can buy bitcoin through Coins.ph, even if you don’t have a bank account. Here’s how to get started:

Step 1: Sign up for an account

It only takes a few seconds to create a Coins.ph account. You will only need to provide a valid email address or mobile number, as well as a password for your account.

Your receipt will show specific instructions based on the outlet you choose.

Step 4: Convert pesos to bitcoin

Once the funds are in your peso wallet, choose Convert from the main screen to convert your pesos to bitcoin.

Do I need a credit card or Paypal to buy bitcoin?

No. Coins.ph lets you buy bitcoin even if you don’t have a bank account, credit card, or Paypal account. You can add funds to your Coins.ph wallet from over 22,000 cash in locations, and use this to convert your pesos into bitcoin.

What is a bitcoin wallet?

A bitcoin wallet is what you use to receive, send, and store your bitcoin. You need a bitcoin wallet to buy bitcoin.

Just like a bank account has a unique account number, each bitcoin wallet comes with a unique wallet address. A bitcoin wallet address is made of up to 34 random numbers and letters, either in uppercase and in lowercase.

Here’s an example of a Bitcoin wallet address: 13BE7m4GnGAbdxfzrTgaV9wYmHkGbrarAP

All Coins.ph accounts come with their own hosted web bitcoin wallet, similar to Coinbase, Blockchain.info or Hive. You can use your Coins.ph wallet to receive, send, and store bitcoin as you would any other wallet.

Creating your free bitcoin wallet with us is very easy. All you need is to sign up for a Coins.ph account, and use an email address and password of your choice. Your wallet will be ready in seconds, and you’ll be able to send and receive bitcoin or pesos immediately.